Foundational Concepts & Principles Flashcards

In an Earned Value Management System (EVMS), what is a control account?

Answer: A management control point where scope, budget, and schedule are integrated for performance measurement

A control account is the intersection point of the WBS and OBS where scope, schedule, and budget are integrated and performance is measured.

The Control Account Manager (CAM) is primarily responsible for which of the following?

Answer: Planning, managing, and reporting performance of the work within their assigned control account

The CAM owns the scope, schedule, and budget of a control account and is accountable for its performance.

Which two structures intersect to define a control account?

Answer: Work Breakdown Structure (WBS) and Organizational Breakdown Structure (OBS)

Control accounts are established at the intersection of the WBS (what work) and the OBS (who performs it).

What does the Budgeted Cost for Work Performed (BCWP) represent?

Answer: The earned value of work actually accomplished, measured in budget dollars

BCWP, or earned value, is the budgeted value of the work that has actually been completed.

A CAM notices actual costs (ACWP) exceed earned value (BCWP) for the month. What does this indicate?

Answer: An unfavorable cost variance

Cost variance equals BCWP minus ACWP, so spending more than the value earned produces a negative (unfavorable) cost variance.

Which document formally conveys scope, schedule, and budget authority to a CAM?

Answer: The work authorization document

Work authorization documents formally delegate scope, schedule, and budget to the CAM before work begins.

What is the Performance Measurement Baseline (PMB)?

Answer: The time-phased budget plan against which contract performance is measured

The PMB is the time-phased budget baseline, excluding management reserve, against which performance is measured.